Elliott Wave: Bitcoin (BTC) declined to $26000, a new low. Will

Elliott Wave Theory is a theoretical framework for interpreting financial market movements, based on the premise that stock market data have underlying patterns that can be used to predict future price movements.

This theory was developed by Ralph Nelson Elliott and John J. Murphy in the 1930s, and the first work on the subject was published in 1938. The basis of this theory is that prices follow certain patterns over time, which we call waves. Each wave he consists of five waves, ascending, then descending, and later repeated.

For an asset to follow an Elliott Wave pattern, it must move up and down over a specified period of time before repeating the same thing later. This means that each wave should last at least 5 consecutive bars (4 minutes). The length of each bar depends on how far each wave is from the previous wave. If the distance between two waves is only 1 bar, both waves are within 1 bar of each other. If there are 3 waves within a 5 minute cycle, all 3 are within 1/2 bar of each other or close to less than 1/2 bar of each other